Ann: Preliminary Final Report , page-16

A couple of mining services companies with similar margins to MND that trade on less than 10 times NPAT are FGE and NWH.

Even the free cashflows these companies generate comparative to mkt caps are far more superior.

Problem is that the market sees MND as the old timer (with the runs on the board of many many years) and they continue to produce stellar results year after year.

FGE and NWH (still to report) are still babies but very healthy ones at that but they too have proven in a short amount of time they can record increased profits year aftyer year. FGE and NWH came onto the ASX via IPO's in mid 2007. They have very strong balance sheets.

I do like MND.